As part of a masquerade party, Clark Kent, who is secretly Superman, dressed as the lord of the underworld, Satan. During the party, using his telescopic vision, spots the mobster gang leaders Duke Haskell and Lefty Montez and gets inspired to acquire the elusive evidence in order to put the two criminals in jail.
Superman, disguised as Satan, crushes some rocks in his powerful hands and extracts inflammable magnesium dust from the rocks, which he uses to create a puff of smoke for his grand appearance in front of the two crooks. Satan offers to strike a deal with the two gangsters and of course, the two greedy thugs agree. Satan tells them that he will grant them three wishes, for a price.
The two greedy crime chiefs ask for one million dollars in cash, a king's ransom in diamonds, and a terrific, perfect hideout where the law would never be able to enter and grab them. Satan, who is really Superman, begins to work his plan; first, he spots two counterfeiters and uses his vacuum breath to suck the fake cash to the two hoodlums. Next Satan burrows underground and locates some coal deposits and super squeezes them into large diamonds. Finally, he hurls them down into the fiery pits of hell! Of course, it is not really hell, but in fact the depths of a dying volcano. The two superstitious criminals however beg to be return to Earth, which Satan agrees to do if they would write down every crime that they ever committed and name the pals who help them. After the two criminal chiefs do just that, Satan reveals himself as the one and only Man of Steel, Superman!
Superman proceeds to take them to the Metropolis Police Station where he hands them over along with the list, which serves as the evidence needed to put the two rats in jail for a very long time (S No. 138, Jul 1960: "Superman's Black Magic!").